In this article you will know 5 tips to learn how to accumulate money Every day of the week.
Without falling into the paradigm of materialism, many of us enjoy the idea of having large amounts of money.
Having it won’t make our problems go away, but if we were given a choice between having money or not having money, we would definitely choose to have it.
It is not a secret for anyone to learn how to accumulate money it means having more freedom to do more things.
With enough wealth, you could go out to eat in restaurants every day, drink the best wines, and buy the latest products on the market. However, you may be surprised to learn that many of the richest people in the world avoid such luxuries.
They, instead of using their wealth to buy everything they want; they maintain a moderate lifestyle. Why is this happening?
Also read: 6 habits of millionaires during the weekend
Each individual has their own reasons, but usually this is the result of their good habits. Many of the people who are millionaires today reached this point thanks to their saving and spending habits. For this reason, once they achieved success they were able to maintain their customs.
Accumulating money will depend on your spending and saving habits Click To Tweet
Regardless of whether your purpose is to learn how to accumulate money or simply improve your savings habits, Jayson Demers at the Inc portal, provides 5 tips that will help you achieve it:
How to accumulate money every day of the week.
1. You don’t have to live in a mansion.
Housing costs are one of the biggest expenses in people’s budgets. Whether it’s because you pay rent or your own home loan, it’s certainly a sizeable portion of your income.
Because buying your own home requires a considerable investment, you don’t want to go with the first option you see on the market. You will need time and effort to find the place of your dreams.
However, this may mean that once you find it, it will cost more than you imagined; taking much more than your monthly estimate for such expenses.
Also read: Millionaires who started from scratch
Warren Buffet currently lives in the same house that he bought in 1958 for $31,500. Despite being one of the richest people in the world, it seems that he has not considered the option of moving to a bigger house (having the facility to do so).
2. Load only the amount of cash you plan to spend.
If for example you are in the supermarket, have a detailed list of the things you must buy and have the cash to pay for what you have already planned to buy; it will make a big difference.
This would keep you from the temptation to “crave” unnecessary things. The important thing about this good habit is that you always have a clear margin for your expenses; so you avoid splurging on unplanned items.
A simple method to do this planning is the “magic number”.
3. Always look for the best purchase options.
The fact that a person has a lot of money does not mean that he is always buying things at a higher price. Instead, they go out of their way to find deals, collect discount coupons, and do their own repairs.
There are several ways to make your money work, with this you will make every penny count more; make it more effective; and that it is pertinent in a purchase.
Having money doesn’t mean you have to buy. Click To Tweet
This is the case with celebrities like Hilary Swank, who once revealed her taste for coupons when shopping.
Likewise, the model Tyra Banks, opted for the most economical option when moving to her new office in New York; realizing that replacing the existing carpet in this location was very expensive. She decided to paint the walls to give it the touch that she liked; since the first option was very expensive.
On the other hand, Kate Middleton once bought a dress from TOPSHOP for $65, to celebrate her birthday; which obviously caused this garment to be sold out in all stores.
4. Think about your savings first before making spending decisions.
To learn how to accumulate money you must internalize this:
Despite having enough money to satiate their eccentricities, rich people prioritize saving before making investment decisions.
They take no action before making sure it meets all their demands regarding your personal finances.
Make stock purchases, invest in real estate or other types of investments; it guarantees them a future return that allows them to continue with their quality of life.
5. Use everything, as much as possible.
Instead of buying new clothes every time there are new collections, try to be more creative and make the best of the clothes you already have.
This does not mean that you should not spend money on dressing well; What it means is to avoid at all costs that your wardrobe is full of clothes that you have barely worn more than three times.
Why do you need to update your iPhone or iPad if the one you have works perfectly?
Take the example of billionaire Facebook creator Mark Zuckerberg; who is known in the fashion world for always wearing the same type of outfit wherever he goes.
Related: How to dress well to make an impact when doing business.
Conclusion.
Unless you win the lottery, or are part of a wealthy family, there is no secret formula that will suddenly lead you to be a millionaire.
All those who started from scratch achieved it through savings strategies and planned expenses; and many of them have preserved and expanded their wealth by following these strategies.
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
